According to the report, the Global Industrial Valves market accounted for USD 65.0 Billion in 2015 and is expected to reach USD 88.4 Billion by 2021, growing at a CAGR of around 5.3% between 2016 and 2021.

Developing countries such as India, China & Brazil are continuously expanding their industrial infrastructure. Rising urbanization has led industrial valve market to grow rapidly from past few years. Increasing offshore oil and gas projects across the globe, rising demand from manufacturing & process industry due to improved safety and reduced operating costs, ongoing efforts to expand water infrastructures in developing countries are the major factors expected to favor the growth of industrial valve market.

On a contrary, uncertainty in crude oil prices which makes the project economically unstable may hamper the market growth over the years to come. Nonetheless, rising demand of energy from all sectors is expected to open up new growth opportunities in the coming years.

Ball valve accounted 20% of the revenue share of the overall market in 2015. Ball valves are quarter-turn, straight-through valves used in situations where tight shut-off is required. Use of gate valves in application sector such as oil and gas industry, pharmaceuticals, manufacturing, automotive, and marine is expected to experience significant growth in the forecast period.

Along with 22% revenue share, oil & gas application segment emerged as the largest application segment in 2015. Increasing pipeline installations and need for monitoring & controlling from centralized location has prompted the growth & demand of industrial valves. Ongoing efforts to expand water infrastructures in developing countries are expected to show significant growth in water & wastewater application segment.

Ongoing efforts to expand water infrastructures in India, a one ofChina, and Indonesia coupled with increasing demand from chemical and mining industries is fueling the growth of the market in Asia Pacific region. Africa is considered the most attractive markets for industrial valves due to rising power sector. Oil & gas production is one of the major driving factors for escalating demand for an industrial valve in North America.

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Shawn Morgan is an accomplished digital marketing professional. He tracks the most recent patterns and happenings in the advanced showcasing scene, additionally offering his feeling on their effect on organizations. He has involvement in both B2C and B2B markets. His side interests incorporate perusing books and voyaging.